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Equest Partners, a London-based firm, has raised Â£32m for private equity investment in Bulgaria through a vehicle listed on the Irish Stock Exchange.

The fund has attracted 13 investors so far including Deutsche Bank, Commerzbank and Griffin Capital Management, a UK investment manager. Commerzbank and Griffin Capital have elected representatives to Equest's investment committee.

Petri Karjalainen, managing partner at Equest, said the firm may exploit increasing US interest in eastern Europe and seek to raise an additional £20m over the next few months.

Karjalainen said Bulgaria was still an emerging market for private equity but is experiencing strong growth with GDP increasing at 5% per year. The fund will target growing companies in the consumer goods, telecommunications, financial services and retails sectors.